From previous update- was likely looking for a bounce - got the bounce to 48-49$ & In the last trading session- Oil gave the big red candle & going below 45$- shall be looking for downside first in the zone 42-41$
Related Analysis Attached below
B2C- (B2C) is a business or transactions conducted directly between a company and consumers who are the end-users of its products or services. Yes, Isn't that lucrative for end users why because products reach directly to the consumers - no middleman- no obstructions- no resistance & crude travels b2c from 43$ to 52$ with a double bottom- an important lesson from...
From Last week's update -It was said that 43.60-43.80 zone to be looked for a support & bulls could rejoin for nice up & strong leg in this week from that zone-
Bang On Target -Crude Oil takes support & makes a low@43. 85 before going up -up & Away.
Last Traded Price- 47$+
Oil has bottomed in 4th wave@43$ as per my previous post
From lows@43$- It looks we have travelled the first tranche, which could finish in the zone 44.65-44.77 where the 5th wave at minor degree shall complete 61.8% of 1-3 wave distance.
As a good student...
There is a rarest of rare pattern happening in Oil as well & taken bears with surprise in current session. Likely Oil has put up a low@43$. In the last update, I expected Oil to correct in the c - wave within 4th wave & had a target of 45.50-45.70 when it was trading at 47.30$- Congo, I got that move, but was even surprised by the wave getting extended & even...
If it travels below 46.40$- Let us look for a last wave in the 4th wave in the range 45.50-45.70 from a top 49.35$ or going above 48.50$- oil could turn bullish with immediate swing low as a stop. If turns bullish now above 48.50 or going first in the zone 45.50--45.70- either ways oil is looking bullish for targets 52.50-52.70 at present.
Abhishek H. Singh, CMT